Mozaic Finance, a yield farming protocol, faced exploitation on March 15 on the Arbitrum network. The attacker deposited stolen funds into a centralized exchange, prompting concerns over security in DeFi. Blockchain security firm CertiK highlights a compromised private key as the root cause.
Yield farming platform Mozaic Finance encountered an exploit on March 15 within the Abitrum network, as per a declaration by the protocol's development unit. They assert that the perpetrator has transferred all pilfered assets to the centralized crypto exchange MEXC and are optimistic about the funds' retrieval.
Mozaic Finance stands as a decentralized finance and yield-enhancement protocol operating across multiple blockchain networks. Its purported utilization of artificial intelligence (AI) algorithms aims to optimize investor returns.
Leading blockchain security firm CertiK issued an alert on X, disclosing the breach. According to a detailed report provided to Cointelegraph, CertiK indicated that the attacker siphoned funds via the 'bridgeViaLifi' contract, exclusively accessible through a developer's wallet. CertiK's assessment concluded that a compromise in a private key was likely the root cause of the incident.
Blockchain data illustrates that an account terminating with 50eb executed this function at 6:08 am UTC, initiating 27 token transfers, each relocating hundreds of thousands of dollars in stablecoin from one account to another. Some of these tokens eventually landed in the account responsible for the invocation. CertiK estimated the total losses to surpass $2 million.
The blockchain community continues to grapple with hacks and exploits. Just days earlier, on March 9, decentralized finance platform Unizen suffered a loss exceeding $2 million due to an external call vulnerability. The development team swiftly committed to compensating affected users. A similar incident occurred on Feb. 29, when lending application Seneca Finance fell victim to an exploit, resulting in losses exceeding $6 million.
In their Discord announcement on March 15, the Mozaic team expressed optimism regarding the potential recovery of funds through legal channels, considering the alleged crime's proceeds have been funneled into a centralized exchange.